Cost Cutters' Advice: Act Sooner, Don't Flinch

Job cutbacks are proliferating, as a deteriorating economy alarms many top executives. But if bosses think sizable layoffs will be regarded as a sign of courage, they may be in for a surprise.

Two of the best-known champions of efficient, cost-minded management -- Larry Bossidy, the former chief executive of Honeywell and James Kilts, the former CEO of Gillette -- both say that smart head-count management requires constant attention,...